10/7/2022 | Investing.com
Whales Transfer Nearly 1 Billion DOGE as Musk Revives Twitter Deal
Crypto Whales moved 836,082,771 DOGE since Elon Musk revived the Twitter deal.
The meme coin still ranks tenth-largest crypto with a market of over $8 billion.
Twitter shares also rose by 22% as the information about Musk’s decision made news.
Elon Musk‘s news of his resurrected Twitter purchase agreement boosted the cryptocurrency market this week, especially among Dogecoin investors. On-chain data showed a cumulative transfer of nearly one billion Dogecoins after the Musk-Twitter news emerged.
Whale Alert, a service that monitors the flow of coins across several blockchains, reported that an astonishing 386,082,773 DOGE, equivalent to $25,187,368, were transferred from one unidentified wallet to another on Thursday.
386,082,773 #DOGE (25,187,368 USD) transferred from unknown wallet to unknown wallethttps://t.co/klCuL5pkCu
— Whale Alert (@whale_alert) October 6, 2022
Interestingly, a more significant transfer happened the day the Tesla (NASDAQ:TSLA) CEO’s revival deal became public. The tracking services reported that 449,999,998 were transferred to another unidentified wallet, approximately $29,249,999, at the transfer time. In total, Whales have transported 836,082,771 DOGE, or nearly one billion, with an estimated worth of $54,345,380 based on these two significant transfers.
However, before the significant transfers by crypto whales, the market intelligence platform, Santiment, hinted that DOGE’s price climbed back by 9% to $0.065 in the previous 24 hours. It also added that whales were probably in it for profit-taking.
#Dogecoin is up a solid +9% in the past day and a half, and the #memecoin is still ranked as the 10th largest market cap asset in #crypto. Whale transactions and funding rates have just spiked, which are two great predictors of price direction change.
Additionally, these recent activities pushed up the seven-day price margin of DOGE by 4%, according to CoinMarketCap. Twitter also shares rose by 22% as Musk’s decision made news.
Notably, the meme coin still ranks tenth-largest crypto with a market of over $8 billion. Nonetheless, the crypto market is generally retracing to the red zones. In the last 24 hours, Bitcoin has slipped below the $20k price point.
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